With the glut of marketing data available, it’s easy to understand why decision makers feel overwhelmed and too time-constrained to explore the most effective method(s) of measuring their marketing return on investment (MROI).
The many marketing analytical tools available to business leaders today make it relatively easy to develop a more-sophisticated, integrated approach to analyzing the effectiveness of your marketing expenditures, which will undoubtedly free up funds for other supportive activities.
In a detailed report from business-leader consulting agency McKinsey & Company, the authors offer extensive advice on how best to focus your MROI-analysis efforts. The article, “Using marketing analytics to drive superior growth,” discusses the importance of using data to optimize marketing activities.
From the piece:
“The pressure on business leaders to demonstrate return on investment from a diverse portfolio of marketing programs is only increasing. The data to make smarter decisions are available, as are the analytical tools. We believe that taking an integrated analytics approach is the key to uncovering meaningful insights and driving above-market growth for brands.”
The authors also provide pointers for how to begin employing advanced analytics, such those in the included sidebar.
How does your business analyze its marketing effectiveness? I’d love to hear from you in the comments section below.